MeritValue

Capstone Energy Plus, Inc.

CEPLdata completeness 100%17 fiscal years on file
The thesis, from the filings

Capstone Energy Plus, Inc. earns about -21% on invested capital, but has diluted owners by 41% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$64M1$73.9M2$79.8M3$69.8M4$89.2M4
Net income−$22.4M5−$24.5M6$7.39M7−$7.19M8$2.83M8
Operating cash flow−$27.5M9−$7.94M10−$27.7M11$7.69M12−$2.53M12
Capital expenditure$9.92M13$8.22M14$4.67M15$879,00016$835,00016
Free cash flow (derived)−$37.4M9−$16.2M10−$32.3M11$6.81M12−$3.36M12
Total debt$51M17—$57.8M18$64.4M19$50.6M20
Cash & equivalents$22.6M21$12.8M22$2.09M23$8.67M24$28.2M24
Diluted shares14.7M17.2M18.8M19.1M20.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$21.34
your share of equity
Profit it earned you last year
$1.36
Free cash flow it threw off
−$1.61
Debt you’d be carrying
$24.31

10 shares is a claim on −$21.34 of net worth that earned you $1.36 and generated −$1.61 of cash last year, against $24.31 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-21% avg · 5y
FY22 -66%FY23 —FY24 18%FY25 -16%FY26 —

It earned an average -21% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+41% shares · 5y

Share count is up 41% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2022-03-31 · accession 0001558370-24-009107 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001558370-24-013052 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001558370-25-008930 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001104659-26-077817 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K/A · period ending 2022-03-31 · accession 0001558370-24-009107 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001558370-24-013052 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001558370-25-008930 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001104659-26-077817 (NetIncomeLoss)
  9. 10-K/A · period ending 2022-03-31 · accession 0001558370-24-009107 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001558370-24-013052 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001558370-25-008930 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001104659-26-077817 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2022-03-31 · accession 0001558370-24-009107 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001558370-24-013052 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001558370-25-008930 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001104659-26-077817 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2022-03-31 · accession 0001558370-24-009107 (LongTermDebt)
  18. 10-K · period ending 2024-03-31 · accession 0001558370-25-008930 (LongTermDebtCurrent)
  19. 10-K · period ending 2025-03-31 · accession 0001104659-26-077817 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2026-03-31 · accession 0001104659-26-077817 (LongTermDebtCurrent)
  21. 10-K/A · period ending 2022-03-31 · accession 0001558370-24-009107 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-03-31 · accession 0001558370-24-009109 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-03-31 · accession 0001104659-26-077817 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  24. 10-K · period ending 2025-03-31 · accession 0001104659-26-077817 (CashAndCashEquivalentsAtCarryingValue)